Series 63, 65, 66
The Series 66 exam: one test for agent and adviser
Ten corrected questions from the Series 66 pool; the menu narrows them to one subject. Who the exam is for and what it weighs are explained below.
Your score · Series 66
0 / 0
0 / 10 answered
Choose an answer to begin
| Pass: 73 of 100 correct, so 8 of 10 here |
| You can still miss 2 |
Practice questions written by Radif Partners from the official outline topics. They are not questions from the real exam. Progress is kept in this browser only (local storage) and never sent.
The Series 66, the Uniform Combined State Law Examination, is built for one situation: a representative who will both sell securities as an agent of a broker-dealer and give advice for a fee as an investment adviser representative. For such a dual registrant, it covers in one sitting what would otherwise take the Series 63 and the Series 65, but it counts only together with the Series 7, its corequisite (FINRA Series 66 page). NASAA writes the exam and FINRA delivers it. It has 100 scored questions and 10 pretest items in 150 minutes, and a candidate passes with at least 73 correct answers out of the 100 scored. The fee is $177 in 2026. The NASAA study guide uses the same four subjects as the Series 65, with very different weights: laws, regulations and ethics take 45 questions, nearly half the exam, recommendations and strategies 30, investment vehicles 17 and analytical methods only 8. The investment content is lighter because the Series 7 already tests it.
Is my mock score above the passing line?
Result on the official scale
Above the line
| Passing line | 73 of 100 correct |
| Your share | 75% |
| Margin | 2 answers |
| Questions you can miss | 27 |
NASAA sets the pass as a number of correct answers out of the scored questions, so this is exact for a mock of the same length.
Questions, formats and fees by Radif Partners · Editorial policy · Method
Series 66 against Series 65
| Subject | Series 66 | Series 65 | Our Series 66 pool |
|---|---|---|---|
| Economics and business information | 8 | 20 | 19 |
| Investment vehicles | 17 | 32 | 55 |
| Recommendations and strategies | 30 | 39 | 72 |
| Laws, rules and ethics | 45 | 39 | 109 |
The table explains the logic of the exam. The Series 66 keeps the full legal content of the adviser exam and the agent exam, then trims economics and products, which a Series 7 holder has already been tested on. Economics on the Series 66 is limited to analytical methods: time value of money, basic statistics, risk-adjusted measures and financial ratios. Investment vehicles focus on valuation and the characteristics of funds, equities and alternatives rather than the full catalog.
Who takes it
| Series 66, 2026 | |
|---|---|
| Questions | 100 scored questions plus 10 unscored |
| Time | 150 minutes (2 hours 30 minutes) |
| To pass | 73 of 100 correct |
| Fee | $177 |
| Corequisite | Series 7 |
The typical candidate is a broker who also wants to charge advisory fees, for instance on managed accounts, and who works for a firm registered both as a broker-dealer and as an investment adviser. For such a person, sitting one exam of 100 questions instead of the 60 of the Series 63 plus the 130 of the Series 65 saves time, and $177 in fees instead of $334 for the pair in 2026. The license finder shows the full path.
What the law subject covers
The 45 law and ethics questions decide the exam. They cover the registration of advisers, adviser representatives, broker-dealers and agents under the Uniform Securities Act and federal law, the line between state and federal oversight of advisers, the registration of securities and exemptions, the administrator's remedies and powers, communications with clients, and ethical practices and fiduciary duty. The questions are dense with definitions: who is excluded from the definition of an adviser, which transactions are exempt, what an adviser must disclose in a contract.
A study order that fits
Start with the law, in the order of the definitions: person, security, agent, broker-dealer, adviser, adviser representative. Then the exclusions and exemptions, then the ethics rules. Only after that, the recommendations subject, which applies the law to client situations. Keep analytical methods for short daily sets once formulas are learned.
As with the other NASAA exams, passing does not by itself let you do business: the agent and adviser representative registrations are filed state by state through your firm, and each state decides which exams it accepts. A candidate who changes roles later, for example by dropping the brokerage side, keeps the exam on record but should check with the new firm how each state treats it.
Practice on this page
The set at the top draws from 255 questions tagged for this exam, including many shared with the Series 63 and 65 where the topic is the same. The calculator under this text checks a mock score against the line of 73, exact because NASAA scores on a count. When every subject runs above it, sit the full timed mock. The Series 7 guide covers the corequisite.